Construction industry seeing large premium increases – The Broker – Insurance News

The construction industry is seeing some of the largest increases in premiums as inflation, supply pressures and natural catastrophes affect the broader insurance renewals market, Honan Head of Placement Travis Wendt says. Mr Wendt says Honan had been seeing insurers becoming more aggressive in writing new business and gaining market share through top-line premium growth, … Read more

Changing times: podcast discusses developing SME risks – Daily – Insurance News

Changing times: podcast discusses developing SME risks 7 July 2022 The fourth and concluding episode of a special podcast series focused on this year’s Vero SME Index report examines developing risks and some of the challenges businesses are facing in a changing landscape. The podcast, released today and which you can listen to here, features … Read more

Sunken boat claim covered after fault undetected – Daily – Insurance News

Sunken boat claim covered after fault undetected 7 July 2022 A boat owner whose vessel partially sank due to an unidentified fault will have the damage covered after winning a claims dispute. The claimant had the boat inspected or repaired by three experts before starting the insurance policy. A water pump leak was detected but … Read more

Greenwashing a risk ‘not to be ignored’ – Daily – Insurance News

A rise in climate-related litigation in Australia, mirroring trends seen in overseas jurisdictions, has underlined the growing need for insurers to address the emerging challenge facing them and their clients, according to Hicksons Lawyers. Insurers in particular need to be aware of potential greenwashing, especially when it comes to net zero commitments and climate policies, … Read more

Mecon, Underwriting Agencies of Australia merge – Daily – Insurance News

Mecon, Underwriting Agencies of Australia merge 7 July 2022 Steadfast-owned businesses Mecon Insurance and Underwriting Agencies of Australia (UAA) have merged to form a combined mobile plant, equipment and construction insurance group. “The timing is right for UAA and Mecon to come together to become a single powerhouse in the mobile plant and equipment and … Read more

Howden acquires NZ broker – The Broker – Insurance News

Howden acquires NZ broker 7 July 2022 Howden Broking has announced the acquisition of New Zealand-based broker and risk manager Wallace McLean as it continues its expansion into the Pacific region. Founded in 2001, Wallace McLean focuses primarily on corporate business in New Zealand, covering numerous industries, including property, agriculture, retail and distribution, as well … Read more

Commissions: an alternative view – The Broker – Insurance News

The National Insurance Brokers Association (NIBA) has been very clear about commissions – banning them would cause “significant detriment” to the industry and consumers. NIBA lists a number of “adverse effects” in its submission to Treasury’s upcoming Quality of Advice review, if the general insurance exemption from the ban on conflicted remuneration is removed. These … Read more

IT challenges delay key code section’s implementation – The Broker – Insurance News

The “disclosing remuneration” section of the National Insurance Brokers Association’s (NIBA) new code of practice will take effect a year later than expected after members raised implementation concerns. NIBA advised members yesterday that Section 6.1 would now take effect from November 1 next year after it became apparent during discussions with brokers and their IT … Read more

SURE Insurance Picks Up 14,000 FedNat Policies in South Carolina

New You can now listen to Insurance Journal articles! The member-owned property insurer known as SURE has assumed some 14,000 South Carolina homeowners policies from FedNat Insurance, which left the state as part of a financial restructuring plan this year. “We responded to FedNat’s downgrade by expediting the transfer of exposure from FedNat to SURE … Read more